Loan Modification Quiz Question 1

Q. A borrower has a debt-to-income ratio (DTI) of 80% and a current housing ratio of 60% (ratio of housing payment to income). If the borrower is eligible for a Chapter 7 bankruptcy, would filing the Chapter 7 help in getting a modification? A. If you had been tried this before the 2008 crisis, your answer would have been unquestionably …

Home Prices Continue to Fall

Citing the 3% drop in home values during the first quarter of this year and the increase in foreclosures and underwater mortgages, Zillow revised its forecast earlier this week.  While the organization had previously predicted that housing prices would stabilize later this year, Zillow now says that isn’t likely to happen before 2012–at the earliest. “Home value declines are currently …

Harsh Realities about the Housing Crash

For years Max has been warning that the flood of foreclosures and resulting crash in the housing market would last longer than the optimistic predictions we heard from politicians and the mainstream media.  This list of 27 statistics regarding the housing crash on The American Dream illustrates just how bad things are today.  A few highlights: #3 As of the …